Rentech, Inc. (NYSE MKT: RTK) today announced that its Board of
Directors has authorized a new share repurchase program for up to $25
million of the Company’s outstanding common stock.
Rentech may buy shares in the open market or through privately
negotiated transactions from time to time through the expiration of the
program on December 31, 2013 as permitted by federal securities laws and
other legal requirements. The timing, manner, price and amount of any
repurchases will be determined by Rentech in its discretion and will be
subject to economic and market conditions, stock price and other factors
and compliance with applicable legal requirements. The plan does not
obligate Rentech to acquire any particular amount of common stock, and
can be implemented, suspended or discontinued at any time without prior
notice at the Company's sole discretion.
D. Hunt Ramsbottom, President and CEO of Rentech, stated, “We believe
the new share repurchase program demonstrates our continued confidence
in Rentech’s strategy to generate long-term profitable growth, and
reflects our commitment to creating shareholder value through a highly
disciplined approach to capital allocation.”
The new share repurchase program will become effective no sooner than
Rentech’s next open trading window, which is not expected to occur at
least until after the Company reports its first quarter 2013 results in
May 2013 and is subject to blackout periods under the Company’s insider
trading policy.
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com)
owns the general partner and approximately 60% of the common units
representing limited partner interests in Rentech Nitrogen Partners,
L.P. (www.rentechnitrogen.com),
a limited partnership traded publicly under the symbol RNF. Rentech
Nitrogen Partners, L.P. manufactures and sells nitrogen fertilizer
products. Rentech also owns the intellectual property including patents,
pilot and demonstration data, and engineering designs for a number of
clean energy technologies designed to produce certified synthetic fuels
and renewable power when integrated with third-party technologies.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995 about matters such as
statements concerning maximizing shareholder value through the
repurchase of the Company’s shares, the repurchase of common stock to be
an efficient use of capital and the Company’s future growth prospects.
These statements are based on management’s current expectations and
actual results may differ materially as a result of various risks and
uncertainties. Other factors that could cause actual results to differ
from those reflected in the forward-looking statements are set forth in
the Company’s prior press releases and periodic public filings with the
Securities and Exchange Commission, which are available via Rentech’s
website at www.rentechinc.com.
The forward-looking statements in this press release are made as of the
date of this press release and Rentech does not undertake to revise or
update these forward-looking statements, except to the extent that it is
required to do so under applicable law.
